Right now is a great time to purchase a new home. If there was one good thing that came from the economic downturn several years ago, it’s that house prices have dropped significantly and opened up the market to people who couldn’t previously afford to buy homes. While this is great news for people who have the means to buy a home now at the new, lowered prices and dramatically lower interest rates, what about the people and families that saved and spent much more on their homes when prices were at an all time high? How can they benefit from the changes in the mortgage and housing markets?
People who purchased homes several years ago when housing costs were at an all-time high may be feeling like they bought at the wrong time. Prices were inflated, interest rates were off the charts, and years of saving were required to meet down payment requirements as high as 20%. Since the economic crash, housing prices have plummeted, interest rates have been slashed, and lenders and banks are selling properties with no down payment required. People who purchased a home years ago may still have home loans and mortgages that are locked in at very high rates. These people now have several options that can save them significant amounts of money on their mortgages. One of the fastest and easiest ways to save money on their loans is to refinance with an FHA Streamline Refinance.
An FHA Streamline Refinance is a loan refinance that “streamlines” the process. Home owners can refinance their loans very quickly and still receive the same interest rates that new home buyers receive. This process saves both the home owner and lender time, money, and hassle on paperwork. The documents from the original home loan can be used, which eliminates needless hassle on paperwork. Different lenders can offer different rates on streamline refinances, so even if your original lender can’t get you the best interest rate, you can still use your original paperwork with a different lender, which will save you huge amounts of time on your refinance.
The best thing to do if you own a home is to start shopping around and finding the best rates on an FHA Streamline Refinance. This will save you time and potentially thousands of dollars over the life of your home loan.
About the author: Jessica Gingham is located in Seattle and specializes in Streamline Refinance.